Dupree Lakes New Construction (Land O’Lakes)

Lot	Plan Name	Elev	SqFt	Price WAS	Price NOW	Description	Ready
1802	Mystic II Floor plan	MEM	2621	$274,355	$259,990	4BR/2.5BA/ext lanai 2-car/2-story	NOW
1822	San Jose Floor plan	MEA	2206	$250,018	$229,990	4BR/2.5BA 2-car/2-story	NOW
1817	Captiva Floor plan	MEL	2886	$284,644	$269,990	5BR/3BA/3-car	September
2004	Newbury II 3 car Floor plan	SCL	3197	$327,030	$317,990	5BR/3.5BA/3-car/2-story/40x10 lanai	September
2057	Windsor Floor Plan	TUL	4471	$379,150	$369,990	6BR/4.5BA/3-car/2-story/18x10 lanai	September

Hire Me as your Buyer’s Agent and get a $500 Gift Card at closing when purchasing any of these homes, or any new construction over $175K in Hillsborough, Pasco or Pinellas Counties.

Real Estate Q&A August 2013

Dear Gloria,

I am planning to move to Florida within the next year and would like to purchase a new construction home in the Wesley Chapel area. I have heard that a buyer can incur additional charges during construction. I would hate to purchase a new construction property and pay much more than I originally planned. Have you ever experienced a similar situation with a past buyer?

Jenny F., Boston, Virginia

Jenny,

I have never experienced this situation with any of my new construction buyers. Typically the process is similar among many builders. After a buyer has viewed the model and has made the decision to move forward with the builder, they sit down with the sales consultant to discuss floor plan, home site, and designs. An initial estimate is provided at that time. The buyer further discusses the interior design material details at the design center.

After all of the fixings have been secured, the final price of the property is provided. After the design, home site and floor plan have been finalized for the new construction home, there should be little to no price changes. Should the buyer decide to change or alter the originally discussed design elements listed within the contract then the buyer can expect a price change. For example, let’s say a buyer decides to have a new construction home built with all of the design upgrades that were shown in the $245,000 model. Let’s say one night the buyer had a change of heart and decided they wanted to change the kitchen floors from tile floors to hard wood. This material change to the property may require a change in the original agreed price.

Thanks for your email Jenny and I look forward to helping you further with this process.

Buying a Duplex Within Sulphur Springs

The City of Tampa is requiring duplexes located within Sulphur Springs and have been vacant for more than six months to be converted into Single Family Homes. I discovered this information as one of my investors were hoping to add a few duplexes to his rental portfolio. Unfortunately, the duplexes he was hoping to purchase would need to be converted to single family homes. This would defeat the purpose of purchasing these properties and cut into his potential ROI.

If you are looking to purchase a duplex within the City of Tampa, I would advise that you check with the Tampa’s Code enforcement department to ensure that the property could be used as a duplex. So far, Sulphur Springs has the six month vacancy stipulation and I have not come across any other areas that enforces this stipulation.

 

 

4 Down Payment Assistance Ideas

 

 

Are you wasting thousands of dollars on rent and dreaming of becoming a homeowner? You can already make a monthly house payment (you’re already paying rent), but the problem is coming up with money for a down payment.  It’s not as difficult as you might think. Here are ways to get a down payment with little out of your own pocket.

1. Look Into Local or Federal Government Programs.  You may qualify for special government programs, such as those for first-time homebuyers and members of the military.  You also may have access to aid from Fannie Mae and Freddie Mac (government-sponsored mortgage programs).  Additional resources are non-profit and community groups and state agencies.  There are too many programs to list here and they expire or change frequently. 

2. Have the Seller Finance You. Some sellers may be willing to help you buy their homes. In a “seller take-back,” the seller holds a second mortgage for you and becomes your lender.  You would make your monthly mortgage payments to the seller.

3. Use A Tax Refund. There are options for you to borrow money for certain investments to a specific level and use those investments to generate a significant tax refund.  Obviously, the timing has to be right to so you can use it as a down payment on a home.

4. Ask A Relative or Friend. Tax law allows gifts of up to $13,000 a year to be given without tax consequences to the giver or recipient. This gift-exclusion amount is adjusted annually to reflect inflation (see IRS publication 950 for the current amount).  You can even get a gift from each of your parents or two friends without them having to pay a gift-tax, which bring it up to $26,000.   

This is a great way to get a down payment for a home. In fact, one out of four first-time homebuyers use a gift to make the down payment.  Even if this isn’t your first home purchase you can still use a gift so you don’t drain your savings.  Usually lenders require you to have some money still left in your bank account after closing so they know you’ll make the mortgage payment each month.

Also, using a gift for a down payment allows you to buy the home you want even if it’s not Federal Housing Administration (FHA)-approved.  Some buyers are able to get FHA mortgages that have down payments as low as 3.5% of the purchase price, but others will have to put more down.  With a gift, you can put the typical 10% to 20% down that most lenders require. For example, if you had to put down 10% on a $150,000 home, that’s $15,000. Or, 20% would be $30,000. A gift from relatives and friends can get you there but some of the rules differ depending on the lender you choose. Contact me at 813-419-7009 for a buyer consultation. Together, we can make your goal of owning your first home a reality.

7 Reasons to Own Your Home

Buying a home is one of the biggest and most rewarding ventures of your life. Whether it be purchasing an investment property or your first home, it takes much consideration and planning. In today's market, I always recommend buying vs. renting. In many cases I see renter's paying almost $200 more to rent a smaller space, than it would be if they purchased. There are many reasons to own a home. Here are a few to consider.

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage,your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

Later Marriage Trends Don’t Postpone Homeownership

 

 

A study conducted by Harris Interactive for Coldwell Banker Real Estate looked a changing marriage trends in America and how they impact the purchase of a first home.

According to the study, the timing of a first-home purchase hasn’t changed a lot over the years, but an upswing in later marriages means more couples are buying a home before they walk down the aisle – if they ever do – or making a purchase earlier in the marriage.

About one in four married couples between the ages of 18 to 34 purchased their first home together before their wedding date, compared to 14 percent of those ages 45 and older. According to the survey, 35 percent of all married couples purchased their first home together by their second wedding anniversary; 80 percent of these married homeowners said it strengthened their relationship more than any other purchase.

“What we’re seeing is that young couples are switching up the order and purchasing their first home regardless of whether or not they have set a wedding date,” says Dr. Robi Ludwig, a psychotherapist and Coldwell Banker lifestyle correspondent.

“This is a huge movement within the American culture,” Ludwig adds. “While younger generations may be focusing more on their career, and in turn waiting longer to get married and have children, they are not delaying their dream of homeownership.”

Other survey trends
• 17 percent of all married couples surveyed purchased a home together before their wedding day.
• 72 percent of married Americans in the South waited until after they were married to purchase a home, compared to 60 percent of Americans in the Northeast.
• Only 16 percent of married U.S. adults have not purchased a home together with their current spouse.
Ludwig says the tasks involved with a home purchase can strengthen a marriage. “(Married couples) not only learn about each other’s wishes and dreams during this process, but they also learn how to be practical with each other and compromise,” he says. “Buying a home has more of an impact on a couple’s relationship than any other purchase they will ever make.”

Impact of home buying on a marriage
• 93 percent of homeowners who purchased their first home while married always planned on owning a home after marrying.
• 80 percent said purchasing a home with their spouse did more to strengthen their relationship as a couple and family than any other purchase they have made together.
• Over one-third of married homeowners (35 percent) wish they had taken the plunge (into homeownership) sooner than they actually did.
Ludwig offers the following tips for couples buying their first home together:

1. Decide “needs” vs. “wants,” and be willing to compromise. Ludwig says it’s common for a couple to uncover conflicting values, interests, likes, dislikes and tastes to come that create tension. But no one gets everything on their checklist, so it’s important to compromise to get a home that pleases both people. Patience, understanding, compassion and compromise are key.

2. Work together to prioritize what’s important in a home. Make an independent list and compare notes. Even the closest couples are still two people with separate ideas and agendas. Searching for a home can bring up a couple’s different priorities and ideas about life. Working together to decide what is best for a combined future strengthens the bond between individuals and prepares couples to effectively deal with future disagreements.

3. Be open, honest and organized with finances. This includes the ability to talk about personal savings, debts, budgets, and credit ratings. Money is one of the leading causes of marital discord.

4. Think about the future for three, five and even 10 years down the road. Before buying a home, talk about plans for careers, having a family, and what that means in terms of neighborhood and space. For some people, talking about their future needs creates anxiety. Support each other if it does.

© 2013 Florida Realtors®

Get a $500 Gift Card, When You Buy New Construction!

With home inventory being so low, many home buyers are considering purchasing a new construction home. The attraction to these new gems does not stop at owning a brand spanking new piece of real estate. There are many advantages to buying a new construction home including the ones listed below.

• Quality of Construction – A new home is built up to the most recent standards and codes. This means safer, healthier living. Home buyers will know they are getting up-to-date, quality construction.
  
• Ability to personalize – Flooring, cabinets, countertops and more – these are all things you as the home buyer will choose to include in the construction of your newly built home and is ready when you move in.  
• Flexible Floor Plan Design – As the home buyer, you can pick the floor plan and structural options that suits your lifestyle and living situation.  With a new home you don’t have to “make-do” on a less than ideal layout.
  
• Low Cost of Maintenance – new homes are just that…new. So instead of spending time and money remodeling and fixing things up, you can move-in and know that it is complete to your liking.
  
• Energy Efficient – Most new construction homes are built energy efficient and meets the Energy Star’s latest standards. That equals lower operating costs than a typical resale, saving you money after move-in.
  
• More Living Space – New homes typically have larger rooms and open layouts compared to older homes.

Purchase your new construction home with REALTOR, Gloria Walters today. Not only are the retainer fees waived, but you will receive a $500 gift card at closing. Call 813-419-7009 or email info@gloriawalters.com for all of the terms and conditions.